Coal India's annual output would fall by 11.5 million tonnes this fiscal because of a recent order from the environment ministry that requires a company to obtain forest clearances before mining even in barren areas if another part of the coal block has a forest.
At 9:45 am, shares of Coal India were trading 0.98% up at Rs 406.95 on the Bombay Stock Exchange.
The coal ministry has urged the environment ministry to withdraw the order. Coal minister Sriprakash Jaiswal said the directive has begun to impact existing and future projects.
"We are writing to Planning Commission deputy chairman Montek Singh Ahluwalia, finance and environment ministers to exempt coal projects from the recent directive. The latest instructions of environment ministry will have an adverse impact on coal production as most of the coal bearing areas are in forests," said the coal minister
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